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Jewellery stocks: Jewellery companies like Titan, Bluestone and Kalyan Jewellers are going light on gold and scaling up focus on omnichannel retail. It is a business strategy which lets customers browse, buy and exchange jewellery seamlessly through online platforms and offline stores.
The omnichannel retail market is driven by formalisation, rising affluent consumption, and growing demand for lightweight, everyday and studded jewellery, according to ICICI Securities report, which sees three different models scaling within the adoption of this new model.
Caratlane, a crucial brand of Tata Group’s Titan, is focusing to keep entry prices affordable with its wide range of light-weight and accessible jewellery items. Mainly serving younger and digital-first jewellery customers, Caratlane has four key strengths, i.e. mature online platform, Titan customer ecosystem, omnichannel retail presence and lightweight products.
“Caratlane has 394 (Sep’26) Caratlane stores and 12 Shaya stores across 157 towns. It also has two stores in the US and delivers to ~30 countries. Customer satisfaction appears healthy but should be monitored as the store network grows,” read ICICI Securities report.
Titan Company Limited share price closed marginally higher at ₹4410 per share on BSE on Monday. The jewellery stock has surged 24% in one year, 26.90% in two years and 34% in three years.
Bluestone is building a higher-ticket jewellery platform, which is supported by more than 95% of its in-house manufacturing, FY26 revenue of ₹24 billion and 340 stores.
“Bluestone has expanded to 340 stores (FY26) in eight years. It continues to grow through the COCO model, with an estimated initial capex of ~INR 60-70mn/store. Stores usually break even within 3-4 months. Repeat customer sales grew from ~32% in FY22 to ~55% in FY26, supporting same-store sales growth and operating leverage,” stated the brokerage in its report.
Bluestone Jewellery and Lifestyle share price closed 2.87% lower at ₹793.90 per share on BSE on Monday. Its share price value has 60% in six months and 12% in one year.
Kalyan Jewellers is targeting everyday studded jewellery through a hybrid model of Candere. “Candere has moved from an online-led model to an offline format, expanding through both COCO and FOCO stores. Under the FOCO model, franchisees fund store capex and inventory, while Candere manages brand, merchandising, technology, and operations.”
The jewellery stock closed 2.53% higher at ₹567.50 apiece on Monday. The jewellery stock has delivered 17% return in one year and 106% return in three years.
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